SEGMENT REPORTING

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

As of June 30, 2026, the Company operates and reports its results in four reportable segments: Intellectual Property Operations, Industrial Operations, Energy Operations and Manufacturing Operations.

The Company reports segment information based on the management approach and organizes its businesses based on products and services. The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer, and the management approach designates the internal reporting used by the Chief Executive Officer for decision making, allocating resources and performance assessment as the basis for determining the Company’s reportable segments. The performance measure of the Company’s reportable segments is primarily income or (loss) from operations. Income or (loss) from

operations for each segment includes all revenues, cost of revenues, gross profit and other operating expenses directly attributable to the segment. The CODM reviews and considers budget-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to the segments. Specific asset information is not included in management’s review at this time.

The Company’s Intellectual Property Operations segment invests in IP and engages in the licensing and enforcement of patented technologies. Through our Patent Licensing, Enforcement and Technologies Business we are a principal in the licensing and enforcement of patent portfolios, with our operating subsidiaries obtaining the rights in the patent portfolio or purchasing the patent portfolio outright. While we, from time to time, partner with inventors and patent owners, from small entities to large corporations, we assume all responsibility for advancing operational expenses while pursuing a patent licensing and enforcement program. When applicable, we share net licensing revenue with our patent partners as that program matures, on a prearranged and negotiated basis. We may also provide upfront capital to patent owners as an advance against future licensing revenue. Currently, on a consolidated basis, our operating subsidiaries own or control the rights to multiple patent portfolios, which include U.S. patents and certain foreign counterparts, covering technologies used in a variety of industries. We generate revenues and related cash flows from the granting of IP rights for the use of patented technologies that our operating subsidiaries control or own.

The Company’s Industrial Operations segment generates operating income by designing and manufacturing printers and consumable products for various industrial printing applications. Printers consist of hardware and embedded software and may be sold with maintenance service agreements. Consumable products include inked ribbons which are used in Printronix’s printers. Printronix’s products are primarily sold through channel partners, such as dealers and distributors, to end-users.

The Company’s Energy Operations segment generates operating income from its wells and engages in the acquisition, exploration, development, and production of oil and natural gas resources located in Texas and Oklahoma. Benchmark seeks to acquire predictable and shallow decline, cash flowing oil and gas properties whose value can be enhanced via a disciplined, field optimization strategy, with risk managed through robust commodity hedges and low leverage.

The Company’s Manufacturing Operations segment generates operating income by serving a broad range of wholesale and retail markets within the highly-fragmented specialty plastics industry. Deflecto primarily designs and manufactures (i) “take-one” point of purchase brochure, folder and applications display holders, (ii) plastic injection-molded office supply and arts, crafts and education products, (iii) plastic and aluminum air venting and air control products, (iv) extruded vinyl floor mats, (v) safety reflectors for bicycles and (vi) emergency warning triangles and mud flaps and splash guards for the heavy duty truck market and transportation industry.

In addition to the reportable segments above, we have a Parent category that includes activities not directly attributable to a specific reportable segment and includes broad corporate functions, including legal, human resources, accounting, analytics, finance and investment team as well as other general business costs.

We regularly provide management reports to the CODM that include segment revenue and segment operating income (loss). The significant segment expense reports regularly provided to the CODM include cost of revenue and operating expenses. There were no significant inter-segment transactions during the six months ended June 30, 2026 and 2025.

The Company’s reportable segment information is as follows:

	Three Months Ended June 30,
	2026										2025
	Intellectual Property Operations		Industrial Operations		Energy Operations		Manufactur- ing Operations		Total		Intellectual Property Operations		Industrial Operations		Energy Operations		Manufactur- ing Operations		Total
	(In thousands)
Revenues:
License fees	$	60,913	$	—	$	—	$	—	$	60,913	$	329	$	—	$	—	$	—	$	329
Revenues - industrial operations	—		6,002		—		—		6,002		—		6,590		—		—		6,590
Oil sales	—		—		11,578		—		11,578		—		—		6,918		—		6,918
Natural gas sales	—		—		3,533		—		3,533		—		—		4,034		—		4,034
Natural gas liquids sales	—		—		4,774		—		4,774		—		—		3,907		—		3,907
Other service sales	—		—		660		—		660		—		—		458		—		458
Air distribution	—		—		—		8,790		8,790		—		—		—		9,602		9,602
Transportation safety	—		—		—		10,458		10,458		—		—		—		11,005		11,005
Office products	—		—		—		7,854		7,854		—		—		—		8,394		8,394
Total revenues	60,913		6,002		20,545		27,102		114,562		329		6,590		15,317		29,001		51,237
Cost of revenues:
Cost of sales - intellectual property operations	46,230		—		—		—		46,230		6,558		—		—		—		6,558
Cost of sales - industrial operations	—		3,042		—		—		3,042		—		3,406		—		—		3,406
Cost of sales - manufacturing operations	—		—		—		22,955		22,955		—		—		—		22,422		22,422
Cost of production - energy	—		—		11,685		—		11,685		—		—		12,309		—		12,309
Total cost of revenues	46,230		3,042		11,685		22,955		83,912		6,558		3,406		12,309		22,422		44,695
Segment gross profit (loss)	14,683		2,960		8,860		4,147		30,650		(6,229)		3,184		3,008		6,579		6,542
Other operating expenses:
General and administrative expenses and sales and marketing expenses	5,289		2,412		873		6,200		14,774		1,384		3,110		915		7,205		12,614
Segment operating income (loss)	$	9,394	$	548	$	7,987	$	(2,053)	15,876		$	(7,613)	$	74	$	2,093	$	(626)	(6,072)
Parent general and administrative expenses									7,360										6,313
Operating income (loss)									8,516										(12,385)
Total other expense									(18,276)										11,495
Loss before income taxes									$	(9,760)									$	(890)

The Company’s reportable segment information is as follows:

	Six Months Ended June 30,
	2026										2025
	Intellectual Property Operations		Industrial Operations		Energy Operations		Manufactur- ing Operations		Total		Intellectual Property Operations		Industrial Operations		Energy Operations		Manufactur- ing Operations		Total
	(In thousands)
Revenues:
License fees	$	61,635	$	—	$	—	$	—	$	61,635	$	70,234	$	—	$	—	$	—	$	70,234
Revenues - industrial operations	—		13,184		—		—		13,184		—		14,266		—		—		14,266
Oil sales	—		—		20,230		—		20,230		—		—		14,866		—		14,866
Natural gas sales	—		—		9,653		—		9,653		—		—		9,374		—		9,374
Natural gas liquids sales	—		—		8,063		—		8,063		—		—		8,572		—		8,572
Other service sales	—		—		1,268		—		1,268		—		—		811		—		811
Air distribution	—		—		—		17,351		17,351		—		—		—		19,458		19,458
Transportation safety	—		—		—		20,983		20,983		—		—		—		21,133		21,133
Office products	—		—		—		16,434		16,434		—		—		—		16,945		16,945
Total revenues	61,635		13,184		39,214		54,768		168,801		70,234		14,266		33,623		57,536		175,659
Cost of revenues:
Cost of sales - intellectual property operations	51,063		—		—		—		51,063		34,470		—		—		—		34,470
Cost of sales - industrial operations	—		6,321		—		—		6,321		—		7,470		—		—		7,470
Cost of sales - manufacturing operations	—		—		—		45,338		45,338		—		—		—		43,233		43,233
Cost of production - energy	—		—		23,374		—		23,374		—		—		25,007		—		25,007
Total cost of revenues	51,063		6,321		23,374		45,338		126,096		34,470		7,470		25,007		43,233		110,180
Segment gross profit	10,572		6,863		15,840		9,430		42,705		35,764		6,796		8,616		14,303		65,479
Other operating expenses:
General and administrative expenses and sales and marketing expenses	8,546		5,439		2,536		11,939		28,460		4,869		6,420		2,522		14,658		28,469
Segment operating income (loss)	$	2,026	$	1,424	$	13,304	$	(2,509)	14,245		$	30,895	$	376	$	6,094	$	(355)	37,010
Parent general and administrative expenses									14,086										11,090
Operating income									159										25,920
Total other expense									(30,084)										2,799
(Loss) income before income taxes									$	(29,925)									$	28,719

The Company’s reportable asset information by segment is as follows:

	June 30, 2026		December 31, 2025
	(In thousands)
Total parent assets	$	86,318	$	117,617
Segment total assets:
Intellectual property operations	308,488		258,335
Industrial operations	51,974		50,866
Energy operations	222,686		216,806
Manufacturing operations	122,063		127,332
Total assets	$	791,529	$	770,956

The Company’s revenues and long-lived tangible assets by geographic area are presented below. Intellectual Property Operations revenues are attributed to licensees domiciled in foreign jurisdictions. Printronix’s net sales to external customers are attributed to geographic areas based upon the final destination of products shipped. Deflecto’s net sales to external customers are attributed to geographic areas based upon the origin of products shipped. The Company, primarily

through its Printronix and Deflecto subsidiaries, has identified three global regions for marketing its products and services: Americas; Europe, Middle East and Africa; and Asia-Pacific. Assets are summarized based on the location of held assets. Benchmark’s sales are only attributed to the United States of America.

	Three Months Ended June 30,
	2026										2025
	Intellectual Property Operations		Industrial Operations		Energy Operations		Manufactur- ing Operations		Total		Intellectual Property Operations		Industrial Operations		Energy Operations		Manufactur- ing Operations		Total
	(In thousands)
Revenues by geographic area:
United States	$	60,913	$	2,724	$	20,545	$	14,233	$	98,415	$	329	$	2,827	$	15,317	$	16,590	$	35,063
Canada and Latin America	—		220		—		4,207		4,427		—		384		—		5,699		6,083
Total Americas	60,913		2,944		20,545		18,440		102,842		329		3,211		15,317		22,289		41,146
Europe, Middle East and Africa	—		1,406		—		1,335		2,741		—		1,753		—		1,251		3,004
China	—		579		—		7,327		7,906		—		343		—		5,461		5,804
India	—		345		—		—		345		—		459		—		—		459
Asia-Pacific, excluding China and India	—		728		—		—		728		—		824		—		—		824
Total Asia-Pacific	—		1,652		—		7,327		8,979		—		1,626		—		5,461		7,087
Total revenues	$	60,913	$	6,002	$	20,545	$	27,102	$	114,562	$	329	$	6,590	$	15,317	$	29,001	$	51,237

	Six Months Ended June 30,
	2026										2025
	Intellectual Property Operations		Industrial Operations		Energy Operations		Manufactur- ing Operations		Total		Intellectual Property Operations		Industrial Operations		Energy Operations		Manufactur- ing Operations		Total
	(In thousands)
Revenues by geographic area:
United States	$	61,635	$	5,485	$	39,214	$	30,452	$	136,786	$	70,232	$	5,765	$	33,623	$	34,389	$	144,009
Canada and Latin America	—		395		—		8,803		9,198		—		674		—		11,768		12,442
Total Americas	61,635		5,880		39,214		39,255		145,984		70,232		6,439		33,623		46,157		156,451
Europe, Middle East and Africa	—		3,315		—		2,623		5,938		—		4,083		—		2,375		6,458
China	—		979		—		12,890		13,869		—		715		—		9,004		9,719
India	—		915		—		—		915		—		1,083		—		—		1,083
Asia-Pacific, excluding China and India	—		2,095		—		—		2,095		2		1,946		—		—		1,948
Total Asia-Pacific	—		3,989		—		12,890		16,879		2		3,744		—		9,004		12,750
Total revenues	$	61,635	$	13,184	$	39,214	$	54,768	$	168,801	$	70,234	$	14,266	$	33,623	$	57,536	$	175,659

	June 30, 2026
	Intellectual Property Operations		Industrial Operations		Energy Operations		Manufactur- ing Operations		Total
	(In thousands)
Long-lived tangible assets by geographic area:
United States	$	58	$	153	$	198,736	$	6,898	$	205,845
Canada	—		—		—		6,263		6,263
Europe	—		389		—		2,729		3,118
Asia-Pacific	—		187		—		2,051		2,238
Total	$	58	$	729	$	198,736	$	17,941	$	217,464

	December 31, 2025
	Intellectual Property Operations		Industrial Operations		Energy Operations		Manufactur- ing Operations		Total
	(In thousands)
Long-lived tangible assets by geographic area:
United States	$	83	$	163	$	192,242	$	6,080	$	198,568
Canada	—		—		—		6,484		6,484
Europe	—		80		—		4,055		4,135
Asia-Pacific	—		605		—		2,204		2,809
Total	$	83	$	848	$	192,242	$	18,823	$	211,996